A. Wayne Johnson, a senior student loan official in the Trump administration, said he is resigning and called for most of the nation’s outstanding student debt to be forgiven, The Wall Street Journal is reporting.
Johnson said repayment trends indicate much of debt will likely never be repaid, according to the newspaper.
“We run through the process of putting this debt burden on somebody…but it rides on their credit files — it rides on their back — for decades,” he said. “The time has come for us to end and stop the insanity.”
Johnson, who was appointed in 2017 by education Secretary Betsy DeVos, called for a system that removes the government from student lending. He said he became convinced student debt should be canceled after joining the administration and getting a look at the $1.5 trillion student-loan portfolio.
He is proposing forgiving up to $50,000 for anyone with federal student-loan debt. He is also calling for a tax credit of up to $50,000 for people who already repaid their student debt.
Johnson, who describes himself as a moderate Republican, plans to make a run for the Senate seat being vacated by Sen. Johnny Isakson, R-Ga, the Journal reported.
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